Imo State Government, Thursday, presented a budget of N276,818,017,812 for the state’s 2019 fiscal year.
Presenting the budget to the State House of Assembly, the State Governor, Chief Rochas Okorocha noted that this is the last budget of the administration believing that it would carry the state through.
Presenting the budget tagged, “Budget of Consolidation and Economic Stability”, at the state House of Assembly, Okorocha said that the capital estimate of N214,641,699,585 represented 77.54 per cent and N62,176,372,227 for recurrent expenditure represented 22.46 per cent.
He stated that the recurrent revenue was N97,690,048,847 while the capital receipt was N179,128,022,965.
According to Governor, the budget was informed by the National Economic Recovery and Growth Plan of 2017-2020, whose broad objective included restoring growth, investing in the people and building a competitive economy.
“The document as outlined is designed that we complete all on-going projects in the state, implore the economic growth through investment in infrastructure as well as eliminate wastages and other
unjustifiable expenditure that are not clearly linked to policy objectives of the Rescue Mission administration.”
Okorocha however, contended that the budget was anchored of the second phase of the state four-year development plan, 2015-2019, previously
passed by the state House of Assembly. “The budget will leverage the recovery in the domestic economy and channel resources to production
sectors of the economy to ensure sustainable development.”
He contended that the recurrent expenditure was expected to increase from N57,943,968,424 in 2018 approved budget to N62,176,372,227 in
2019 proposed budget, which amounted to increase of 7.3 per cent, while capital expenditure increased from N137,977,495,866 to
N214,641,699,585, a difference of 61.4 per cent.
On Judiciary, Okorocha noted that as the third arm of government his administration had provided a conducive working environment, adding
that the new High Court complex was nearing completion for the state judiciary.